London sees largest increase in workplace pensions - Simon Hughes

London sees largest increase in workplace pensions, ONS says


Facts published by the Office of National Statistics have confirmed the number of people with pensions is rising because of Liberal Democrats in government. 

According to the ONS, which published '6 facts about pensions', London saw the biggest increase in workplace pension membership between 2013 and 2014, from 52% to 63%. 

Liberal Democrats have revolutionised pensions since being in government, with workplace pension membership increasing since automatic enrolment was introduced. The ONS says "In 2012, 47% of employees belonged to a workplace pension scheme. However, 18 months after the introduction of automatic enrolment this rose to 59%."

Young people are particularly benefitting from our reforms, as those between the age of 22-29 with a workplace pension has risen from 37% to 53% between 2013-14. People of this age were historically the least likely to be enrolled in a pension, but this is changing thanks to the work we are doing in government. 

As well as putting money back in the pockets of those on low to middle incomes through tax breaks, Liberal Democrats are helping the same people save for their retirement. The largest pension membership increase was amongst those who earn £200 to £300 a week, from 24% in 2013 to 43% in 2014. 

I am fighting for young people in Bermondsey by giving them access to jobs and apprenticeships. But I also want their wages to go further by cutting income tax and helping them save for the future. To achieve a stronger economy we need a fairer society, and vice versa, which is why pensions have been such an important area for Liberal Democrats.  

The economic recovery is starting to take hold, and residents will be pleased to know that their wages are going further, providing greater security for their future.